Project/company overview
Parks Victoria (PV) is a government agency of the state of Victoria, Australia. PV is responsible for managing a diverse estate of more than 4 million hectares including land and marine parks, reserves, wetlands and coastline, and the 4,300 native plants and around 1,000 native animal species that live in them. PV’s estate attracts more than 100 million visits every year.
Problem
Due to acute (bushfires) and chronic (coastal erosion, ecosystem decline) impacts of climate change, Parks Victoria were awarded a 3-fold increase in capital budget to allocate towards projects that increased sustainability and resilience across Victoria’s natural asset base (state parks, coastal parks), including the iconic Wilson’s Promontory and 12 Apostles.
Given both the current status of the project in terms of where it is at on the Parks Victoria development lifecycle, the level of maturity in the current cost estimate, and the potential uncertainties and risks that may impact project delivery, benefits realisation and ultimate costs, there was a need to understand, identify and characterise these issues and their potential impact on the ultimate range of potential cost outcomes for the project. This information is important to establish appropriate contingency levels, and, to guide potential scope rationalisation activities in the event that available funds are insufficient to deliver the full scope as currently defined.
Outcome
Adaptus was engaged to uplift PV’s risk management capability across portfolios, programs and projects, to maximise the value from their capital budget. This involved development and implementation of risk management frameworks, processes and tools, and facilitation of risk workshops with cross-functional and multi-stakeholder groups.
Value
Adaptus enabled PV to understand and respond to critical risks and opportunities in the PV portfolio and enable their mission to protect the State’s natural and cultural heritage on behalf of all Victorians.
